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How do reverse mortgages work for Veterans?

Asked by momneedshelp  |  Oct 27, 2010

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Hello, It's been awhile since I have been here. I am coming back to hopefully get more good advice. This site is very helpful and has very good people. My mother is wondering how she would go about getting a reverse mortgage. My father is a Veteran, and I think I heard where there are Veteran reverse loans. Can someone please tell me if this is true and how you go about it. Also how long does it take? The home is paid off by the way. Thank you all.

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ezcare

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Oct 28, 2010

Proceed with CAUTION.
While there may be such "reverse loan" mortgages designed especially for veterans, the whole idea of Reverse Mortgages is very new and untested. If the home is paid off, but cash flow is a problem then there are many safer solutions than reverse mortgages. Before you take any action on this, please find a trustworthy financial adviser who is certified to advise seniors. You may have to pay a fee but it can save you lots of grief and financial disaster. Do not trust anyone who represents a Bank or Mortgage Firm--especially if their income is based on selling you these new untested financial products--even if they are "endorsed" by Veterans Organizations. As my high school math teacher used to say "Figures don't lie, but liars can figure"

 
 

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michfla317

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Oct 28, 2010

I would be very careful about a reverse mtg. because people are very easily taken advantage of in that situation and the reverse mtg. company makes a nice little bundle. I also think your mother's estate would not benefit at all in that situation but maybe you're not concerned about that. If you Mom's home is paid off, it sounds like she wouldn't need a reverse mtg...... just a regular one - especially with the very low rates these days so that might be a better way to go. Just my opinion. I wonder if a local Veteran's Office could help you with that question also.... Good luck to you!

 
 

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MiaMadre

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Oct 29, 2010

And one more note: with a reverse mortgage, repayment is not necessary as long as you remain IN the house. If your father had to be moved to a nursing home, what would happen then?

Talk to an elder lawyer about options.

 
 

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rbaby1

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Mar 27, 2012

my husband passed away he was a verteran and i we got our house thought the gi bill can i get a reverse mortgage

 
 

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NancyH

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Mar 27, 2012

That's what my parents did to survive, a reverse mortgage. He's also a veteran but that doesn't play a part of their reverse mortgage, only how they bought their house in the first place.

 
 

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